The SOP Law Chapter Amendment allows the New York State Department of State (the DOS) to hold public hearings and provide additional regulatory guidance on the SOP Law’s obligations. The Department of State has decided not to hold public hearings or add further requirements to the SOP Law at this time (but the DOS has reserved the right to do so in the future). The law’s effective date is also extended until April 20, 2022, according to the Chapter Amendment.
A real estate broker is required under the SOP Law to provide particular assistance to prospective purchasers on these three questions:
To be clear, a real estate broker is under no obligation to request any of these three items. The real estate broker’s only responsibility is to inform buyers if they will need one, two, or all three of these items.
A real estate broker, for example, could write a policy (the “Broker’s Procedures”) that states: “Please be informed that prior to showing a purchaser a property: